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Detail of outcome

Following careful consideration of all evidence submitted, this document summarises the responses received and confirms the final specification of the new £1 coin. HM Treasury is very grateful to all those who took the time to respond to this consultation, and will continue to engage with industry and other stakeholders in the lead up to an expected introduction of the new coin in early 2017.

Original consultation

Summary

Technical consultation on the specification of the new £1 coin and the transition effects of its planned introduction in 2017

This consultation ran from8am on 12 September 2014 to
11:45pm on 21 November 2014

Consultation description

Budget 2014 announced the transition to a new and highly secure £1 coin, which the government expects to introduce in 2017. The current £1 coin, first issued in 1983, is one of the oldest British coins in circulation, and over time has become increasingly vulnerable to counterfeiting.

The design proposed on Budget day incorporates four key features that would make the new £1 coin the most secure circulating coin in the world. These are:

The government is committed to arriving at a final specification that maximises the benefits to the UK as a whole, and to introducing the new coin in such a way that is manageable for industry. Therefore, we are now seeking views from all interested parties on the precise specification and planned transition period.

This consultation is separate from the design competition being run by The Royal Mint.